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SL Green's Holliday Sees Brighter 2010

NEW YORK CITY-Landlords' results will be buffeted by headwinds for the next couple of quarters, but the REIT CEO foresees 'an inflection point' next year.

By Paul Bubny | Updated on October 27, 2009

NEW YORK CITY-Although SL Green Realty Corp.’s third-quarter results were impacted by what Marc Holliday called “a significant battering of the New York economy and real estate fundamentals in our market,” the office REIT’s CEO said in an earnings call Tuesday that we’ll see a better tomorrow next year.

“After two bearish years, 2010 will be a transitional year” that will be marked by fundamentals beginning to recover, Holliday said. “With a rebounding economy, I believe we’ll see an inflection point in the leasing market.”

Holliday predicted that by the second half of next year, landlords will begin pulling back on concession packages, which have generally grown more generous this year. In the meantime, he said, the current uptick in leasing will continue as tenants sense that rents may soon start going back up, and therefore take action to avoid missing out on the opportunities now available. However, Holliday said owners’ financial results would still be affected by current market conditions for a couple more quarters.

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